Cerebras IPO makes billions for Benchmark but VC Eric Vishria almost didn’t take the meeting Julie Bort 1:23 PM PDT · May 14, 2026 The Cerebras Systems IPO was a smash hit on Thursday, generating billions for itself, its founders, and its major investors.
Among the big winners is major shareholder Benchmark, which owns 9.5% of the company. One of the firm’s general partners, Eric Vishria, has been a Cerebras board member since 2016, the year the AI chipmaker was founded, having co-led its $25 million Series A round.
But these billions only happened for Benchmark because Vishria met with the startup almost against his will, he told TechCrunch.
“It was five founders and a deck, and it was our first hardware investment in 10 years,” Vishria said about that first meeting. “I had been a venture capitalist for, like, 18 months.” (Prior to being a VC, Vishria sold the social browser startup he co-founded, RockMelt, to Yahoo for a reported $60 million to $70 million in 2013 .)
Benchmark is famously selective in the companies it chooses and backs hardware companies so rarely that Vishria was kicking himself for giving time to Cerebras.
“Why did I take this meeting?” he kept muttering. At one point, he even messaged his assistant, who manages his calendar, and bugged her: “Why did you let me take this meeting?” Vishria recalls.
But his grumpy attitude vanished by the third slide, as co-founder and CEO Andrew Feldman laid out Cerebras’ grand plans.
“The first slide is the title slide. The second slide is the team. And I was like, ‘Oh, that team is really good.’ And the third slide is something along the lines of ‘GPUs actually suck for deep learning. They just happen to be 100 times better than CPUs.’ And as soon as he said it, a light bulb went off,” Vishria recalled. “I was like, 'Oh, my God, of course. Like, why would a graphics processor be the right thing for AI?'”
Still, this was years before Google’s famous Transformer paper — the 2017 research that laid the groundwork for modern AI — which eventually led to ChatGPT. Cerebras was pitching a new kind of giant-sized chip, designed for AI training, one the processor world was not prepared to manufacture.
Vishria was intrigued enough to discuss it with some Benchmark partners, who quickly told him that they also didn’t know enough hardware. They said if he wanted this deal, he would have to bring in one of the original Benchmark founders from the 1990s, who did understand.
Undeterred, Vishria scheduled a meeting to have Feldman pitch to founding partner Bruce Dunlevie, who grilled the founder about chip packaging and cooling and more.
“Most of that meeting was like a dog watching TV for me,” Vishria joked, because he understood so little. After the pitch, Dunlevie warned that what Cerebras was attempting would be hard. Others have tried and failed. But he thought this team had a shot. He, however, worried there'd be no market for the chip.
Although Vishria didn’t fully understand the tech, he was convinced that if Cerebras “could make AI faster,” there would be a market for it, and this team had the chops to succeed, he said. They had previously sold a startup, SeaMicro, to AMD.
"The advantage of having had a successful exit previously is it erases some of the uncertainty in the venture capitalists' minds," Feldman tells TechCrunch. "We hadn't just fallen off the back of a turnip truck. We were an experienced team."
What followed was eight and a half years of grind as Cerebras dealt with struggle after struggle to build its product.
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